Winnipeg Real Estate Market Heats Up in February 2024
WINNIPEG, March 7, 2024 – February 2024 saw total MLS® sales, listings, dollar volume and average prices increase over 2023. With the exception of residential attached active listings, a similar trend was seen across the main three property types of residential detached, condominium and residential attached homes.
“For the third consecutive month, total MLS® sales, listings, dollar volume and average prices increased over the previous year, marking a positive trend in our market region,” said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “When compared to last year, February 2024 saw residential detached MLS® sales rise 15%, condominium MLS® sales rise 21% and residential attached MLS® sales rise 62%. Average prices for these property types also rose over last year and the 5-year average.”
MLS® sales for all MLS® property types across the Winnipeg Regional Real Estate Board’s market region are up 22% over last February, and 11% below the 5-year average. Active MLS® listings for all MLS® property types are up 8% from last February and 10% above the 5-year average. The total dollar volume of MLS® sales in February was over $276 million which is 26% above last February and 7% below the 5-year average.
Of the 494 residential detached MLS® sales across the Winnipeg Regional Real Estate Board’s market region in February, 337 were in Winnipeg while the remaining 157 occurred outside Winnipeg. For the second consecutive month, East Transcona led the way with the most residential detached homes sold in February, however, this month West Kildonan was the area with the second highest. The Morden/Winkler area saw the most residential detached homes sold outside Winnipeg followed by the Steinbach area.
Of the 1,449 residential detached active MLS® listings, 646 were in Winnipeg while 803 were outside Winnipeg. The average price for a residential detached home rose 1% from January, 7% over last February, and is up 7% over the 5-year average. The most active residential detached price range in February was the $250,000-$274,999 range, representing 8% of all residential detached MLS® sales. The $375,000-$399,999 price range was a close second with just shy of 8% of all residential detached MLS® sales.
There were 7 residential detached homes sold at $1 million or more in February 2024 whereas there were 4 sold in February 2023.
Of the 134 total MLS® condominium sales across the Winnipeg Regional Real Estate Board's market region in February, 118 were within Winnipeg and the remaining 16 occurred outside Winnipeg. For the fourth consecutive month, Winnipeg's Osborne Village area saw the most MLS® condominium sales in February followed by Downtown for the third consecutive month.
Of the 433 active MLS® condominium listings, 312 were in Winnipeg and 121 were outside Winnipeg. The average price for a condominium in February was down 3% from January, 7% above last February, and 7% above the 5-year average. The most active price range for condominiums was the $225,000-$249,999 price range representing 17% of all MLS® condominium sales, with the $175,000-$199,999 price range coming in second with 13% of all MLS® condominium sales.
Of the 76 total MLS® residential attached home sales across the Winnipeg Regional Real Estate Board's market region in February, 54 were in Winnipeg and the remaining 22 occurred outside Winnipeg. Of the 227 active MLS® listings for residential attached homes, 130 were in Winnipeg and 97 were outside Winnipeg. The average price for a residential attached home decreased 9% from January, increased 5% from last February, and is up 10% above the 5-year average.
“A common theme from the speakers at our annual Market Insights event last month was that this year is likely to see an increase in market activity in our market region," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “In a steady market region like ours, which continues to be one of the most affordable in Canada, this is welcome news for those looking to enter the real estate market. It is often said that all markets are local, and as always, prospective buyers and sellers can count on the services of a licensed, experienced, professional REALTOR® to give them an edge when navigating the unique dynamics of our market region."
Source: Winnipeg Regional Real Estate Board.
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